Silver, gold open flat as investors assess Iran war peace deal uncertainty. Where are precious metals headed?

EconomicTimes2026/06/02 04:15

By:EconomicTimes

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Gold and silver prices opened little changed on the Multi Commodity Exchange (MCX) on Tuesday as a stronger U.S. dollar and a sharp rise in crude oil prices weighed on sentiment, while investors awaited U.S. President Donald Trump's decision on a proposed extension of the ceasefire agreement with Iran.

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In the domestic market, MCX silver futures for July 2026 delivery were up Rs 167 to Rs 2,66,350 per kg. Gold futures for June 2026 delivery gained by Rs 258 at Rs 1,59,499 per 10 grams. In the previous session, silver and gold ended marginally higher.

Market participants are now focused on upcoming U.S. economic data, including the nonfarm payrolls and employment reports due later this week, for clues on the strength of the labour market as concerns over inflationary pressures linked to the Middle East conflict continue to build.

In the international market, spot gold was steady at $4,481.53 per ounce as of 0217 GMT, while U.S. gold futures for August delivery edged up 0.1% to $4,511.20 per ounce. Among other precious metals, spot silver rose 0.5% to $75.21 per ounce, platinum gained 0.5% to $1,932.50, while palladium slipped 0.4% to $1,356.90 per ounce.

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In the domestic market, MCX Gold June futures may extend losses toward ₹154,000 per 10 grams, tracking weakness in global bullion prices, says Jigar Trivedi of IndusInd Securities.

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Manoj Kumar Jain of Prithvi Finmart said silver is having support at Rs 2,63,600-2,61,000 and resistance at Rs 2,69,100-2,72,000. “We have suggested buying silver on Monday around 2,64,000 with a stop loss below 2,60,600 for the target of Rs 2,71,000; those holding buying positions as per given recommendations are suggested to strictly follow given stop loss and book profits around given target levels.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,14,672/8 grams while pure gold (24 carat) prices stand at Rs 1,25,088/8 grams.

Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,14,552/8 grams while pure gold (24 carat) prices stand at Rs 1,24,968/8 grams.

Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,15,992/8 grams while pure gold (24carat) prices stand at Rs 1,26,536/8 grams.

Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,14,552/8 grams while pure gold (24 carat) prices stand at Rs 1,24,968/8 grams.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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